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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Issue of licence

321: FMA must maintain list of licensed markets on Internet site

You could also call this:

"FMA must keep a public list of approved markets on its website with key details about each one."

Illustration for Financial Markets Conduct Act 2013

The FMA has to keep a list of licensed markets on its website. You can find information about each licensed market on this list, including what the licence covers and who the operator is. The FMA must also include when the licence was issued and any conditions that come with it.

The list will have more details, such as a reference to the market rules and if any special regulations apply, like those under section 351. If a licence is for an overseas market, this will be noted, as well as if the licence has been suspended or cancelled. You will also see the date when any of these actions happened.

If the FMA finds out that any information on the list is wrong or has changed, it must update the list, for example if the market rules are approved or the operator's name changes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091472.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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320: Licence may cover more than 1 financial product market, or

"One licence can cover many financial markets at the same time."

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322: Variation of conditions, or

"The Minister can change the rules of a licence at any time and you will be told in writing."

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Issue of licence

321FMA must maintain list of licensed markets on Internet site

  1. The FMA must maintain a list of licensed markets on its Internet site.

  2. The list must include, for each licensed market,—

  3. the financial product market that the licence covers; and
    1. the name of the licensed market operator; and
      1. when the licence was issued; and
        1. the conditions of the licence; and
          1. a reference to the market rules for the financial product market that have been approved under this subpart (but the list need not incorporate them); and
            1. if it is a market to which regulations apply under section 351, which regulations apply to it; and
              1. if the licence is issued under section 317, that it is an overseas-regulated market for the purposes of this Act; and
                1. if the licence has been suspended or cancelled, that fact and the date on which that action took effect.

                  1. The FMA must update the list if it becomes aware that there is a change, or error, in the information on the list (for example, the approval of the market rules or a change in the name of the licensed market operator).